Auction Action in Bentonville
by September 17, 2012 12:00 am 61 views
Bentonville’s business-traveler niche has been an essential part of the city’s hotel/motel trade for several years.
It is for that reason that word of an upcoming public auction caught the attention of your Whispers staff recently.
And for you serious investors, circle Sept. 25 on the calendar. An online auction of the Value Place extended-stay hotel in Bentonville will begin that morning.
The auction will take place live at the website www.auction.com from Sept. 25-27. A bid deposit of $10,000 is required. Minimum bids start at $600,000.
Yes, we did say serious investors.
The 42,650-SF hotel at 1201 Phyllis St. has 121 rooms and is just 7 years old. The occupancy rate as of July 1 was 73 percent.
Paul Avery with Rockwood Real State Advisors in New York City is representing the seller, a nontraditional lender based in Baltimore d/b/a 1201 Phyllis Drive Holdings LLC.
The property — appraised for $1.7 million earlier this year — was foreclosed on in September 2010.